commanders probably have to go for maybe november of 5.5, 6 billion? >> we'll see >> we're going to find out well, that's going to do it for us here at "power lunch. "closing bell" starts right now. investors are trying to maybe sense of the welcome, everyone, to "closing bell." dow just went positive you've got weigh necessary in home depot, apple and visa

consumer discretionary and the banks are under pressure check on the treasury yields the two-year yield touching the highest level since 2007 we've got a huge limb of guests, including former vice chair richard cralida. plus the interim kreismt o of underarmour, along with chairman and founder about the report today. and also jennifer granholm about president biden's ballots with big out. mike santoli, what are you focused on >> some traction in some of the more cyclical air.

also the market was not terribly overbought. we went back two last week's lows somewhat longer term, nasdaq 100 that's a massive mountain of relative strength. that's february 3rd 2020, the day the white house declared the pandemic so we kind of unwound the whole thing. it doesn't mean it's over.

it suggests a lot of risks have come out as a matter of fact, today it looks messy in terms of the down side we'll see if that represents a surrendering >> mike, thank you one reason is the fed. the message, the fed still has a way to go the comments from jay powell sent stocks into a spiral yesterday. tomorrow we get the october jobs report, and next week, october's inflation report joins usis richard clarida mplgts. >> great to do you, sara >> what did you make of his remarks jet? >> the press conference was a different statement. in fact, i was quite surprised at the fomc statement, in the

sense it teed up a pause based upon having done a lot i agree that they have a ways to go the press conference set a completely different tone summer would say hawkish, i would say realistic. at least to clarify the way he sees where the economy is going and what the fed needs to do >> do you think that was by design >> what i would say is i came into the meeting expecting very little change to the statement i was not alone. he spent a lot of time in the press conference, on his operspective so a bit of a surprise. >> we watch the futures, and the

market expect 50 in terms of base bush hue's the outlook. do you think that's realistic? >> i don't i do think they eventualably get it up to 5%. i think what the chair wanted to do yesterday that he accomplished, he wants to get off the train of 75, to tee up the ability to do 50, but he did not want the markets to misread that for an early paw. he did push back again that. i so when do they pause? >> it's probably at the march meeting that's what the -- would indicate. >> when do they ease >> well, the other thing he made

it at a restrictive level for some time. the way the economy evolves may influence that >> a lot of this jibes with the way the market is pricing. do you think we're reaching a level of peak yield? >> i think they think they have done enough to put policy restrictive policy in place. i do think that would be my baseline unfortunately if i'm wrong, then i'm wrong in the wrong direction, but i think it's a reasonable view. >> what do you expect for jobs tomorrow >> i think it's showing amazing resilience

>> i haven't really focused on it a lot recently. >> is that what the fed is targeting, wages the fed likes it when people get a big raise as long as it doesn't push up prices so, yes, the labor market is going to have to adjust. that may be through unemployment participation or vacancies. >> i guess what i'm wondering is how much the economy will suffering visit of -- we've gotten four hikes in a row, and a bunch of smaller hikes it's a lot of tightening in a short period, what will that do to the economy in '23? >> the aim is to slow the economy. i think it will succeed. the challenge is, does it put the economy into a sustained

recession. that could happen. it doesn't necessarily have to be a severe recession. 9le chair himself acknowledged that he said the window that soft landing is closing, or at least it's not as open as confess. we're following it, of course, that the fed didn't try to be influenced by politics, but it clearly is there if we do see a weaker economy, what does that look like >> of course, in our history, we have seen that, with chairman voelker dealt with that certainly in the early 1980s, and back in the '60s, the fed chair did. it's just part of the job, in an

economy that's overheating i take jay powell's words from jackson hole they'll keep at it until it's done political pushback will be part of it, but i suspect they'll keep at it. >> why isn't there more to show? >> i am surprised. i would have thought by now, given the slowdown in the economy and how much they hiked, i thought we would see inflation start to fall. it's just turning out to be stickier and they have to do more hiking than they probably would have thought six months ago. >> and that was the message yesterday. >> yes very good to have you here, richard. >> thank youso much. shares of animal health giant zoe et is. up next, the ceo christian peck joins me to talk about the factors weighing on the outlook. the dow is up one point.

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big mover today. look at shares of zoetis, plunging double digits on the back of an earnings miss and guidance cut, saying that -- and joining me here at post 9 is the ceo kristin peck welcome back good to see you. what happened here >> thanks for having me, sara. it's great to be back. you saw the reaction to the guidance, taking our guidance down a bit, but what was

important to focus on was the why, and we'll go a bit into q4, but what we talked to investors about today, those supply constraints in key growth categories are key growth drivers, will be resolved by the end of the fourth quarter, and we think in 2023, we'll be in a better position. >> so it's not demand related? >> no. there's really strong fundamental demand for our products -- as well as for protein. we see those as durable sustainable trends for the industry, and importantly for zoe et is. >> because a lot of people look at your stock, it was a huge pandemic winner, because everyone adopted pets. it's been a growth stock, one of the best performing in the

pharmaceutical world and they're wondering if there's a giveback at some point? >> i think what's different is the fundamentals of the industry for starters, those pets, they're still there, and they're taking great care. millennial adopted those pets, they're spending more on the pets, so the demand for our products has remained incredibly strong that's a durable growth driver as i said, as you add our innovation, we're growing significantly above the market what about the workforce problem? >> there are some veterinarian workforce challenges, as you look in the u.s. and around the globe. right now those workforce, they're still capacity ahead of pre-covid. when you add in all of those more pets, vets are having to change the way they operate. the same way you see in the human side, better leveraging nurses so i think there's a difference in how they need to work to be adding more capacity there

you good news is a lot of our products are -- we're less leveraged to where the workforce is. >> but it still affects you. >> it still affects us, but as we lee at the guidance change, 75% of that is around supply, and certainly foreign exchange, which i know everyone is talking about. you are exposed pretty internationally. what are you seeing in terms of the demand trends globally, because other big country -- europe, china -- not as strong as the u.s. has been and international is staying strong demand is really strong internationally. about half our business is it outside the united states, but the same trends i'm talking about in the u.s. exist there, too. great growth for us in important products, doing phenomenally well, even china in the quarter growing 35%. >> so stephanie link always likes your stock she'll kill me if i don't ask,

the recovery of the livstock business, which has been a concern of wall street for a while. >> there's a bunch of dynamics in livestock, some one-time events such as african swine covid, but it's been more driven by the loss of exclusivity on key growth such as draxin, if you take it out of our numbers, we saw growth in the quarter this is why we firmly believe, as we solve the lap some of these issues, you're going to see livestock return to growth maybe in the low single digits, but we believe that's the long-term trend. >> absolutely. >> kristin, thank you very much. >> thanks for having me. >> kristin peck, ceo of zoetis the dow is positive, but just barely. there's some winners in there, like boeing. the industrials are having a

good day energy is having a great day materials are strong as well the nasdaq and tech is what is hurting. nasdaq down another 1% take a look at under armour. coming up we'll talk to the interim ceo and founder kevin plank, and check out another earnings mover, marriott turning in a mixed quarter is the stock is lower tomorrow we will speak exclusive with the ceo don't go anywhere.

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dow is positive. i just want to show you what's happening with the nasdaq 100. there are the leaders. that's where the pain is right now in the nasdaq 100, because it's lower by 1.5%

and that typically is what's been happening with these higher yields, which is a big story today. the two-year note yield hitting a new year high, all in reaction to the fed there's the nasdaq composite, down about a percent underarmour is a big winner today. we'll talk to the company's interim ceo kevin plank to break it down. a reminder, you can listen to "closing bell" on the go by following the "closing bell" podcast on your favorite podcast app. we'll be right back. with its c ustomizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities.

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a big pop today. the athletic apparel company also announcing it will be lowering the outlook for the full year because of a challenging retail environment joining me is kifevin plank and colin brown. great to see both of you >> great to see you. >> the quarter was a beat, outlook lower on sales and earnings what are you seeing right now from the consumer? >> well, it's a bit bumpy out there. certainly from our perspective, still $6 billion in demanner, so we're feeling confident. we've been managing our inventory closely. we're heading into a difficult, challenging time, but we've been pretty comfortable >> what about in the u.s. in particular, colin, so far this

quarter? is the consumer holding up increasing amount of promos? can you give us a bit of flavor? >> i think across the industry we're seeing an increase in promos, this tsunami of inventory that's starting to land, and by default, that means we expect the holiday season to be more promotional, which is one of the reasons the gross margin numbers, just because we could see it was going to be more difficult it's bumpy, but we feel we're in a good place to navigate in difficult environment. i think that's why the market likes the news today kept, where is under armour in this journey of transformation there's been a recovery on the profit side, and geffen inventories, margins in line what about growth? >> you know, for an organization 17 years public now, we've seen about every chapter or machination that a company goes

through. we're coming out of the engine room, really, restructuring and retooling the organization, and now it's a matter of our execution and growing. so that's why our emphasis colin has been championing this pivot to growth we've had, and we're super excited about it we have an incredible pipeline of innovation right now, and we have also have more to come. we're trying to set the metaphor, what should the market expect, what should the young athlete, and redefining ourselves. >> so who is that, colin especially right now adidas has losing share, struggling, nike is dealing with all sorts of inventory issues, and having to mark down back-season products where does under armour fit in >> we're focusing on the 16 to

20-year-old athletes front and center of what made under armour great and what will continue to drive it to its next iteration. we started off as a team sport business here in north america it's something that resonates, and certainly as we talk t consumers, as we reach out across the landscape it's clearly a plates we can lean into. when you look at that demographic, they have a far greater effect across the industry to impact the broader part of the market we're incredibly excited about the opportunity to really start to, again, reengage with the athlete. >> kevin, i know you're focused on the innovation piece and the new sneakers which you've been demos on instagram talk about why this is different and how you play in a sneaker market that i don't have to tell you has been dominated by nike,

but we are seeing others make inroads. >> we're not shy look, we've been innovators or entire career. we launched a new product this last month called under armour slip speed this is something built off an inside, we saw kits crushing the back of their heels. they didn't want to tie them so for them to get into the product, it hits the innovation product, and also we also use the artist logic, made the music, so the sound of slip stream was done by logic, and we spent time to get a new hit single off his album yet to drop so getting that buy-in is -- are we're already sold out on the dot-com, still available at

dick's stores. >> does adidas help us when you're trying to launch this >> we concentrated on what we do best we concentrate on bringing under armour to athletes and how to continue to help them build their journey to compete i think it's important to realize the past few years we've been focused on what we call the consumer journey, which is train, compete, recover. when you think about that, that really only constitutes probably 30% of an athlete's day. part of this pivot we've been going through is adding live how do we meet the athlete in the balance of their day, the other 70%, and how we lean into that, where we're spending our time and focusing. it's clearly a huge opportunity. we're not looking at what our competitors are doing. those not going to define under

armour >> and what about your relationship, kevin, with the company right now? obviously executive chairman for those wondering -- i know you have a ceo search going on i know colin is there as the interim ceo, and a candidate, but what is your involvement like right now in running this company? >> yeah, i mean, we've been in this process for the last six months we said we would have an announcement by the end of the year it's been a pleasure to work with colin, and seeing the results this morning is a real credit to the team and openness to the leadership we have here number one, colin is the ceo, the interim right now, a serious candidate to, of course, be a part of that process in getting the job, but more importantly, we are moving forward. that's one thing we have done, identifying our consumers as 16 to 20-year-old, opening to the aspect of live, so we're not

standing still my job as brand chief, means i get to have a little lean-in as well, and it's executive chairman with an asterisk, not ceo with as an asterisk been to be clear. >> we're having a blast, enjoying ourselves, the passion, the energy, the excitement that kept brings to the industry, the company is incredibly important, but there's clearly only one hand on the wheel, that's the ceo, but tapping into kevin as passion is part of what this journey is about. >> and we're talking about product. >> kevin plank, thank you very much colin brown, appreciate you both very much. >> thank you let's talk energy. oil prices are falling today check out share of conoco phi phillips, a top performer today. this coming as president biden

earlier this week raised the prospect of a windfall tax, saying in a speech that oil companies are, war profit eering welcome back, secretary granholm >> the president has seriously asked for the oil and gas instrument industry to return profits for consumers or put those profits into increasing production they are, as you have noted, story after story, about companies making huge, historic profits. so we're in a war, and this is an extraordinary time. the industry has said to the president, wet to be able to do this ourselves

we want market solutions, so the president is simply saying, before we go to congress, we're asking you, as citizens of this country, as companies doing business here, with customers here, whose names are all over gas stations, to consider your consumer at a moment when you have seen an historic gap between wholesale and retail, between the gasoline and the refinery we want to be able to relieve people's pain at the pump. >> i guess what i'm wondering, though, is the windfall tax the way to do that haven't we seen evidence in europe -- and in this country back in the '80s that actually discourages companies from investing in production, and just makes the shortages worse and the prices higher? >> number one, the president's preference is for the companies to take this out number two, it is true our european colleagues, many of whom have at least part of the

g-7 have adopted windfall profits tax, earlier in this country's history, it was tried here as an excise tax. obviously, we want to encourage production, but obviously the president would work with congress on the shape of that, but the point is we need at this moment, when there is historic profits being made, to be able to provide some relief to those who are at the pump and/or increase more in production, which we have not seen to the extent that those profits would belie. >> a lot of them would say that the biden administration hasn't exactly been helpful when it comes to permits and leases. >> it's baloney. it's baloney >> over and over again. >> you hear it from them there was an analysis just out

yesterday. in the first 20 months of this administration between the day he was sworn in and the end of september, this administration has issued 74% more well permits than the previous admission. this administration has been issuing permits. they just announced 307 permits in the gulf of mexico. the president signed in the inflation act more permits that's not the issue 90% of production happens on private land, anyway, but this president has not been restricting access to production it has been the industry that has decided to listen to wall street rather than to main street what this president is saying is, at this time, with a war at this time, making enormous profits, please can you increase production and/or reduce the price at the pump for people so you are listening to your customers. >> have you brought the energy

companies to the white house to engage them? i'm wondering, because there's an increasingly hostile tone between the president and the companies. there's an energy transfer, one of the pipelines had their earnings call earlier this week, and the ceo at the end of the call went off, frankly on the administration policy. here's a snippet they, i mean i doesn't it seem like a sitcom or a "saturday night live" skit the tone is really bad. >> the tone is bad, so come on, listen to the people who are paying these prices at the pump. that's -- the president's whole administration has been trying to be about lowering prices for people we know that energy prices have fueled inflation you're seeing it across the world, of course the issue here is that the

president is asking the oil and gas companies to bring down these prices you're still making huge amounts of profit. we're okay with profit we're capitalists, but do you have to do it at such an excess where you're not reinvesting in production i mean, some are reinvesting in production to a certain extent some are reinvesting in refineries to a certain extent, but it'snot even close to what they could be doing, and certainly not close to what demand would require so, please, can we have supply and demand even out, instead of having the president to go to these extreme measures like releasing a million barrels per day fromthe reserve just to tr too level out supply and demand? >> that was my next question, secretary granholm, whether we should be concerned or alambed by the fact this is supposed to

be an emergency reserve for any crisis >> well, there's 400 million barrels per day in the strategic petroleum reserve. it's the largest in the world. it still is. the oil and gas industry has been asking for certainty. we want we will buy back at price fixed around $70 so you will have certainty for increasing produces. the biden administration wants to replenish it in a way that sends a signal to the industry that they will be investing in capital and have that investment repaid so that is another step that the president is making. we have lots left, but the point i'm making is if there had been production that met demand, then we wouldn't have to be releasing

from this because of this war. >> i think they just feel like it's a hostile relationship now. >> i just got off the phone with -- we've been talking with them all the time, asking them to increase their stock holdings, because they are in some areas of the country at almost 60% below the five-year average. that hasn't happened yet we're just asking that they put themselves in the shoes of people who are worried that we're not going to have enough home heating oil in the n northeast, for example, that people can afford the product that they are producing. we're just asking for common sense, really, at a time when they are making historic profits. >> well, that we see, no doubt

energy again up 2.4% jennifer granholm, thank you very much for the time u.s. energy secretary. qualcomm is getting crushed on a warning with a big impact 'ltepple wel ll you the details when we go inside the market zone, next

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partsinevelos on qualcomm, and amira pandet we are trending south as we speak now. i don't know if you heard the secretary talking about the windfall tax, but they may by considering it. >> at this point, it feels as if any investor that's looking for where you have visibility earnings growth, where you're playing some of the bigger themes our going to find your way into energy it looks like at consensus-y the commonity is not cooperating. but for now, technically and fundamentally, i think the port is there. >> let's look at the chips

qualcomm one of the biggest loser, shares are falling. that's weighing heavily on shares of apple as well, kristina, why such negative reaction. >> because the management underestimated how bad the market would be. weak deup and down, elevated inventories that increase because we have these supply chain problems, and lastly the covid restrictions still happening in china, and the connection specifically with apple is qualcomm provides the chips, and if qualcomm's warning that handset sales will continue to be weak them last night

corvo, they too suggested that the december quarter was going to be a bottom for handsets. so you have these warnings coming out and that's contributing to the negative sell-off in a period that's normally supposed to be great to cell phone sales >> kristina, thank you michael, apple is notable, but they had the great quarter it's been a bumpy ride since. >> obviously it doesn't help to have everybody pointing lower with their handset estimates it's much more about -- bucking the trend for a while and they're coming back to the pack, to some degree. >> mike, thank you we'll let you get ready for

"overtime. we'll see you then a day off anowen plans to increase production and deliveries, along with a strong free cash flow our phil lebeau joins us it's been a bumpy ride. >> it's going to take some time, sara the biggest challenge facing boeing, particularly the 737 max is the supply chain. they're simply not getting enough engines it's held up by things like casting supplies so it's going to take some time to get the supply chain strong enough so they can go from building 31 on month when it comes to the 737 max, which is where they're at right now, maybe just below that, all the way up to 50 per month, which is

the goal in 2025 most believe they'll get there, but we have talked about this for some time, you could turn off the supply chain and then turn it back on, especially with very specific pardons parts the demand is there. the same thing with airbus there's no doubt that the airlines are ramping up, especially with international travel the demand is there, now it's a question of increasing production so you can meet that demand >> phil lebeau, thank you. boeing up 0.5% which has turned lower just in the last few moments

amira, is this one of those weird things where the market only rallies when it's a weak number >> we heard from the fed yesterday that they have a long way to go. that's going to be contingent on the rates. we have two jobs reports and two inflation reports. so we're trying to think about where does the fed go next all of that is very contingentants upon the incoming d d data we have been here before when we saw the short rallies, as can't

market get excited, and then we see the fed throw cold water on it time and time again we don't know where the ceiling on the federal funds rate. we'll probably continue to see volatility here, so we have to be more patient. with rates at 4%, even if we get to 5%, a little beron that, i don't think we're far from potential positive catalysts for the market, but certainly not there yestet. >> you think yields are near their high the entire year, the market has wrong, but i think there's significant scope for the yields to come down if we see an economic recession at 2023, which is fairly likely

so we any bush and pretty good income there, and we think longer term going deeper into 12023, we think more about core bonds, because the areas of the portfolio that could protect the economic recession >> so the market has had an interesting split this week in the value versus growth, cyclical versus tech if you look at what's worked so far this week, today in particular, energy, industrials, healthcare materials, even financials haven't been as bad as, say, tech stocks is that the right strategy as long as we continue to focus on the feds moving higher with rates?

>> the environment has moved and changed so far over the course of the year. we're finding opportunities in value over growth because of that environment, but eventually we'll got to a point where the fed does pause, and in that environment, that would lift one of the big headwinds we're also seeing that in big tech in particular going through a challenging season where a lot of that is resetting if you think about opportunities in growth going forward we don't want to write it off we want to be able to be balanced right now, but that could change in the coming months we don't want to be caught offsides. >> meera pandit, thanks for

joining me really appreciate it. energy is the top programming sector, and conoco phillips hitting an all-time high, and humana is all-time high the dow is down 154 points we started the hour flat we have lost a lot of steam. boeing is helping out the market, but it's home depot, visa, apple and microsoft. if you look at the s&p 500, industrials stay strong, utilities are up as well so are materials in real estate, everything else is lower this is going to sound familiar, communications services, consumer discretionary, and technology that's where you're seeing the pain today that's why the nasdaq is down 1.6% the dlin respect/gainers

split is more evenly mixed they tend to have a lot of the energy, which is doing better today. here is the closing bell we are going into a jobs friday that almost 5% on the week, for the nasdaq -- that's it for me we'll send it to mike in "overtime. >> welcome to "overtime. i'm in for scott wapner. we are just getting started. we have a lot of key earnings, names like starbucks, paypal and coin base. plus eric johnston changing he call on the market. he'll join us to explain why we begin with the talk of the tape fed reckoning day two, bond yields pushing